UAE underlines importance of tourism as major contributor to the economy

Last updated on January 31st, 2023 at 10:43 am

UAE Vice President, Prime Minister, and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, on Sunday visited Atlantis The Royal, a new iconic landmark on Dubai’s Palm Jumeirah Island.

Spanning 406,000 square meters, the 43-story ultra-luxury resort is a valuable addition to Dubai’s magnificent skyline and hospitality attractions. The iconic resort also supports the newly launched Dubai Economic Agenda – D33’s ambitious goal of doubling the size of Dubai’s economy over the next ten years.

The D33 agenda aims to establish Dubai’s position among the top three global cities as well as make the city one of the top three international destinations for tourism and business. Its ambitious goals are based on offering a globally competitive environment for business and bringing the cost of doing business down across a number of sectors.

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Sheikh Mohammed highlighted the importance of the private sector as a vital contributor to realising Dubai’s growth aspirations, adding that public-private sector partnerships are at the heart of the city’s development vision.

Underlining the importance of the tourism sector as a crucial contributor to the national economy, His Highness said: “We have ambitious growth targets for the sector over the next ten years.”

According to KPMG’s latest Dubai Hospitality report, the UAE registered the highest occupancy rate among the Gulf countries last year. Dubai’s occupancy rates closely follow Istanbul, New York, and Paris – the top benchmark cities. Almost 1.4 million Indians visited the emirate in the first 10 months of 2022, making India the top source market for Dubai tourism.

The UAE currently hosts one of the world’s richest hospitality markets. The industry is expected to grow by 25% by 2030, and hotels in Dubai are expected to receive 40 million new visitors by 2031, the report added.